Group 1 - The A-share market saw a significant increase in bank stocks, with Qilu Bank rising nearly 2% and several other banks, including Changshu Bank and Chongqing Rural Commercial Bank, increasing by over 1% [1] - The total market capitalization of Qilu Bank is 33.7 billion, while Changshu Bank has a market cap of 23.8 billion [2] - Year-to-date performance shows that Qilu Bank has decreased by 4.70%, while Changshu Bank has increased by 1.99% [2] Group 2 - Other banks that experienced gains include Yunnan Rural Commercial Bank (1.46%), CITIC Bank (1.30%), and Shanghai Bank (1.04%) [2] - The total market capitalization of CITIC Bank is 434 billion, and it has a year-to-date performance of 1.30% [2] - Despite the gains, many banks still show negative year-to-date performance, such as Shanghai Bank (-3.37%) and China Bank (-5.58%) [2]

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The report indicates that there is still room for further cuts in reserve requirement ratios and interest rates, with a focus on structural monetary policy support for high-quality economic development [15][19] - The central bank has implemented a reduction of 0.25 percentage points in various structural monetary policy tool rates, signaling a supportive monetary policy stance [15][19] - The report emphasizes the importance of timing for future policy implementations, particularly in relation to government bond issuance peaks and the maturity schedule of high-interest bank deposits [15] Summary by Sections 1. Monetary Policy Adjustments - The report notes a reduction of 0.25 percentage points in structural monetary policy tool rates, with a focus on supporting key areas through increased re-lending [15] - Future attention is directed towards December economic data and January LPR [22] 2. Central Bank Dynamics and Market Rates - The central bank conducted a total of 9,515 billion yuan in 7-day reverse repos at an interest rate of 1.40%, with a net injection of 9,741 billion yuan [16] - The report highlights that the funding rates remained stable, with expectations of slight increases due to tax payments and government bond net repayments [16] 3. Bank Financing Tracking - The report indicates that the total outstanding amount of interbank certificates of deposit (CDs) is 19.09 trillion yuan, with an average issuance rate of 1.65% [20] - The report also notes that there were no commercial bank bond issuances during the period, with a total outstanding commercial bank bond size of 3.38 trillion yuan [20]

Core Viewpoint - The city commercial bank sector experienced a decline of 1.27% on January 16, with Jiangsu Bank leading the drop. The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1]. Group 1: Stock Performance - Ningbo Bank closed at 29.30, up 1.70% with a trading volume of 589,500 shares and a transaction value of 1.723 billion [1]. - Xiamen Bank closed at 7.20, up 0.70% with a trading volume of 128,700 shares and a transaction value of 92.3661 million [1]. - Jiangsu Bank closed at 9.76, down 2.69% with a trading volume of 2,061,300 shares and a transaction value of 2.033 billion [2]. - Shanghai Bank closed at 9.64, down 2.43% with a trading volume of 961,200 shares and a transaction value of 933.3 million [2]. Group 2: Capital Flow - The city commercial bank sector saw a net outflow of 229 million from main funds, while speculative funds had a net inflow of 716 million, and retail investors experienced a net outflow of 487 million [2]. - Hangzhou Bank had a main fund net inflow of 153 million, while retail investors saw a net outflow of 113 million [3]. - Nanjing Bank recorded a main fund net inflow of 70.5 million and a retail net outflow of 131 million [3].

衷心感谢您对长沙银行的理解和支持！ 2026年1月15日，长沙银行（601577）发布公告称，为了能够更好地为您提供高效、便捷的金融服务， 长沙银行将于2026年1月16日（周五）23:00-1月17日（周六）06:00进行积分商城系统优化升级，升级期 间将暂停弗兰社、有味生活、热门活动(包括但不限于乐豆兑换商品、活动抽奖、购券)等业务。 请您提前做好相应准备和资金安排，如有疑问，可咨询长沙银行微信银行公众号@cswbank和官方网站 在线客服，或致电24小时客户服务热线:0731-96511，4006796511，给您带来的不便，敬请谅解。 ...

Fund Overview - The fund is named Wanji Zhi Yuan Dynamic Mixed Initiated Securities Investment Fund, with fund codes A: 026617 and C: 026618 [15] - It is a contractual open-end mixed fund with an indefinite duration [16][17] - The initial face value of the fund shares is set at RMB 1.00 [17] Fund Management and Custody - The fund is managed by Wanji Fund Management Co., Ltd. and the custodian is Changsha Bank Co., Ltd. [3][4][53][54] Fund Offering Details - The fund will be publicly offered from January 19 to January 23, 2026, through designated sales institutions [2][20] - The minimum total subscription amount for the fund is set at 10 million shares [3] - The fund can limit the total amount raised, with specific details to be announced [4] Subscription Process - Investors must fully pay the subscription amount as per the sales institution's regulations [5][21] - There are no limits on the cumulative subscription amount for individual investors, but measures may be taken to control holdings exceeding 50% of total fund shares [7] - The minimum initial subscription amount is RMB 1.00 for electronic direct sales and RMB 100.00 for direct sales center subscriptions [7] Subscription Fees - Subscription fees are applicable for A class shares when purchased through non-direct sales institutions, while C class shares do not incur subscription fees [22] - The subscription fee is calculated separately for each subscription application [23] Fund Investment Objectives - The fund aims to achieve long-term appreciation of fund assets while strictly controlling risks [19] Fund Contract and Effectiveness - The fund contract will become effective upon completion of the necessary registration procedures with the China Securities Regulatory Commission (CSRC) [20][51] - If the fund fails to meet the registration conditions by the end of the fundraising period, the management company will be responsible for returning the funds to investors with interest [52] Fund Sales Channels - The fund will be sold through both direct and non-direct sales institutions, with the management company having the right to adjust sales channels as necessary [18][54] - Investors can access the fund through the company's electronic direct sales system, including website and mobile applications [33][56] Fund Financial Management - All subscription funds will be frozen in a designated account during the fundraising period, and any interest generated will be converted into fund shares for the investors [49][30]

Market Performance - The city commercial bank sector declined by 0.59% on January 15, with Qingdao Bank leading the decline [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Individual Stock Performance - Chongqing Bank closed at 10.36, up 0.58% with a trading volume of 85,800 shares and a transaction value of 88.94 million [1] - Xiamen Bank closed at 7.15, up 0.42% with a trading volume of 89,300 shares and a transaction value of 63.77 million [1] - Hangzhou Bank closed at 15.68, up 0.38% with a trading volume of 626,300 shares and a transaction value of 9.85 billion [1] - Ningbo Bank closed at 28.81, down 0.31% with a trading volume of 285,000 shares and a transaction value of 824 million [1] - Chengdu Bank closed at 15.99, down 0.68% with a trading volume of 365,100 shares and a transaction value of 586 million [1] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 221 million from institutional investors and a net inflow of 296 million from speculative funds, while retail investors experienced a net outflow of 517 million [2] - Hangzhou Bank had a net inflow of 123 million from institutional investors, accounting for 12.51% of its total [3] - Shanghai Bank had a net inflow of 97.02 million from institutional investors, representing 20.87% of its total [3] - Nanjing Bank had a net inflow of 37.40 million from institutional investors, making up 6.86% of its total [3]

Core Viewpoint - The city commercial bank sector experienced a decline of 2.11% on January 14, with Beijing Bank leading the drop, while the overall market showed mixed results with the Shanghai Composite Index down 0.31% and the Shenzhen Component Index up 0.56% [1] Group 1: Market Performance - The closing price of Beijing Bank was 5.38, down 2.71%, with a trading volume of 4.6089 million shares and a transaction value of 2.514 billion [1] - Other notable declines included Chongqing Bank at 10.30 (-2.37%), Hangzhou Bank at 15.62 (-2.13%), and Qilu Bank at 5.57 (-2.11%) [1] - The city commercial bank sector saw a net outflow of 729 million in main funds, while retail investors contributed a net inflow of 53.1975 million [1] Group 2: Fund Flow Analysis - Hangzhou Bank had a main fund net inflow of 1.20 billion, but a net outflow from retail investors of 92.9469 million [2] - Suzhou Bank recorded a net inflow of 52.503 million from main funds, while retail investors had a net outflow of 54.0558 million [2] - Shanghai Bank experienced a main fund net inflow of 45.3249 million, with a retail net outflow of 46.6735 million [2]

Core Viewpoint - The annual zodiac commemorative coins and banknotes for the Year of the Horse in 2026 will be available for online reservation starting at 22:00, with a limit of 20 coins and 20 banknotes per person [1][3][12]. Group 1: Product Details - The commemorative coin has a face value of 10 yuan, made of bimetallic copper alloy, with a total issuance of 100 million pieces [5][6]. - The commemorative banknote has a face value of 20 yuan, made of plastic, with a total issuance of 100 million pieces [5][6]. - The design of the coin features the "People's Bank of China" and the year "2026," while the banknote showcases a horse design along with the national emblem [3][5]. Group 2: Reservation Process - Reservations can be made through the official websites of the participating banks or at designated branches during business hours [9][10]. - Users can access the reservation page via mobile banking apps, with some banks offering streamlined processes for registered users [10]. - Each bank has different allocation limits for the coins and banknotes, with specific numbers for cities like Beijing and Tianjin [6][10]. Group 3: Market Performance - Recent years have seen a surge in public interest in zodiac commemorative coins and banknotes, with previous releases selling out within minutes [1][13]. - The secondary market for these items remains robust, with the Dragon Year commemorative items maintaining high premium prices [11][13].

下一步，武陵区将持续开展形式多样的宣传教育活动，提高金融知识普及的力度和广度，引导居民掌握更多的金融知识和风险防范能力，助力构建和谐的 金融生态环境。 （来源：湖南金融） 为进一步增强居民对非法集资的防范意识，1月13日上午，武陵区金融发展服务中心组织长庚街道、长沙银行武陵支行在仙源社区开展防非宣讲活动。 活动现场，长沙银行工作人员以"守住钱袋子"为主题，结合工作实际和典型案例，为社区居民详细讲解识别与防范非法集资、电信诈骗的实用技巧。随 后，金融发展服务中心工作人员进一步普及金融安全知识，帮助居民提升风险防范意识和自我保护能力。 （来源：湖南金融） 为进一步增强居民对非法集资的防范意识，1月13日上午，武陵区金融发展服务中心组织长庚街道、长沙银行武陵支行在仙源社区开展防非宣讲活动。 下一步，武陵区将持续开展形式多样的宣传教育活动，提高金融知识普及的力度和广度，引导居民掌握更多的金融知识和风险防范能力，助力构建和谐的 金融生态环境。 活动现场，长沙银行工作人员以"守住钱袋子"为主题，结合工作实际和典型案例，为社区居民详细讲解识别与防范非法集资、电信诈骗的实用技巧。随 后，金融发展服务中心工作人员进一步普及金融 ...

Core Insights - The city commercial bank sector experienced a rise of 1.55% on January 13, with Ningbo Bank leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Ningbo Bank (002142) closed at 29.26, up 4.24%, with a trading volume of 655,400 shares and a transaction value of 1.904 billion [1] - Hangzhou Bank (600926) closed at 15.96, up 3.70%, with a trading volume of 1,208,400 shares and a transaction value of 1.912 billion [1] - Suzhou Bank (002966) closed at 8.26, up 1.35%, with a trading volume of 485,800 shares [1] - Chengdu Bank (601838) closed at 16.29, up 1.24%, with a trading volume of 426,400 shares and a transaction value of 693 million [1] - Nanjing Bank (600109) closed at 10.88, up 1.21%, with a trading volume of 1,192,800 shares and a transaction value of 1.303 billion [1] - Qilu Bank (601665) closed at 5.69, up 1.07%, with a trading volume of 649,900 shares and a transaction value of 368 million [1] - Chongqing Bank (601963) closed at 10.55, up 0.96%, with a trading volume of 99,300 shares and a transaction value of 10.5 million [1] - Jiangsu Bank (616009) closed at 10.60, up 0.95%, with a trading volume of 1,504,800 shares and a transaction value of 1.593 billion [1] - Xi'an Bank (600928) closed at 3.77, up 0.53%, with a trading volume of 363,100 shares and a transaction value of 13.8 million [1] - Changsha Bank (601577) closed at 9.50, up 0.53%, with a trading volume of 183,100 shares and a transaction value of 174 million [1] Capital Flow - The city commercial bank sector saw a net inflow of 238 million from institutional investors, while retail investors contributed a net inflow of 199 million [2] - The sector experienced a net outflow of 437 million from speculative funds [2] Individual Stock Capital Flow - Hangzhou Bank (600926) had a net inflow of 70.42 million from institutional investors, while it faced a net outflow of 12.4 million from speculative funds [3] - Shanghai Bank (601229) saw a net inflow of 66.71 million from institutional investors, with a net outflow of 33.15 million from speculative funds [3] - Ningbo Bank (002142) had a net inflow of 37.18 million from institutional investors, with a net outflow of 1.4 million from speculative funds [3] - Suzhou Bank (002966) experienced a net inflow of 34.87 million from institutional investors, while facing a net outflow of 24.25 million from speculative funds [3] - Jiangsu Bank (601577) had a net inflow of 20.83 million from institutional investors, with a net outflow of 15.24 million from speculative funds [3]